GBP/USD started the week steady, trading just above 1.3400 during the Asian session and holding near last week’s two-month low. The US Dollar remains soft below Thursday’s monthly peak, as markets weigh the prospects of a Fed rate cut. Although Fed Governor Waller backed a July cut, most investors expect the Fed to keep rates higher for longer due to Trump’s tariffs impacting consumer prices.
The British Pound is under pressure as markets price in a potential Bank of England rate cut in August. UK labor data showed unemployment rising to 4.7%, a four-year high, and annual pay growth slowing to 5%, the weakest since Q2 2022. This limits GBP/USD upside despite persistent inflation.
For GBP/USD, resistance is seen at 1.3535, with the next levels at 1.3580 and 1.3630. Support stands at 1.3380, followed by 1.3270 and 1.3140.
The British Pound is under pressure as markets price in a potential Bank of England rate cut in August. UK labor data showed unemployment rising to 4.7%, a four-year high, and annual pay growth slowing to 5%, the weakest since Q2 2022. This limits GBP/USD upside despite persistent inflation.
For GBP/USD, resistance is seen at 1.3535, with the next levels at 1.3580 and 1.3630. Support stands at 1.3380, followed by 1.3270 and 1.3140.
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